Mortgage rates flat after hitting low

Sunday, June 19, 2011 DAILY COMMERCIAL B3
Mortgage rates flat after hitting low
DEREK KRAVITZ healthy levels as waves of fore-
AP Business Writer closures have pushed prices
WASHINGTON — Fixed down. Many would-be buyers
mortgage rates stayed roughly are holding off, worried that
flat after falling for eight weeks. prices have yet to bottom out.
The average rate on the 30- And prices are expected to
year loan ticked up from a keep falling until the glut of
yearly low of 4.49 percent to foreclosures for sale is reduced,
4.50 percent, Freddie Mac said companies start hiring in
Thursday. The average rate on greater numbers, banks ease
the 15-year fixed mortgage, a up on their tougher lending
popular refinance option, fell rules and more people think it
to 3.67 percent from 3.68 per- makes sense to buy a house
cent. That’s a low for the year. again. In some areas of the
Rates tend to track the yield country, that could take years.
on the 10-year Treasury note. To calculate average mort-
The 10-year yield has been gage rates, Freddie Mac col-
dropping as fears over that eco- lects rates from lenders across
nomic recovery is slowing. the country on Monday
Most people can’t take through Wednesday of each
advantage of the low mortgage week. Rates often fluctuate sig-
rates because they can’t meet nificantly, even within a single
tougher lending requirements. day. DAMIAN DOVARGANES / AP
And many who could afford to The average rate on a five- A financing available by Fannie Mae sign is posted on a foreclosed property offered for sale.
refinance likely did so last year, year adjustable rate mortgage
when rates fell to their lowest inched down to 3.27 percent The average rate on a one- The rates do not include add- the 30-year and 15-year fixed
levels in decades. from 3.28 percent last week. It year adjustable-rate loan rose on fees, known as points. One loan in Freddie Mac’s survey.
Sales of new and previously hit 3.25 percent in April, the to 2.97 percent from 2.95 per- point is equal to 1 percent of The average fee for the five-
occupied homes rose in April. lowest on records dating back cent, which was the lowest on the total loan amount. The year ARM was 0.6 and the one-
But sales are well below to 2005. records going back to 1986. average fees were 0.7 for both year ARM was 0.5.
New Jersey public workers
protest benefits change
ANGELA DELLI SANTI to the Statehouse. sharing for health care to collective bargaining? I
Associated Press Hundreds had arrived and require 500,000 pub- view this as union bust-
TRENTON, N.J. — by late morning, gather- lic workers to pay a higher ing,” said Jersey City
Unionized public workers ing around a stage with percentage of their salary police officer Mark
gathered in the state capi- two 10-by-13-foot televi- into their pension fund. Razzoli, who accused law-
tal to protest and try to sion screens flashing pic- Both systems — pensions makers of trying to turn
halt legislation, up for a tures of union workers. A and health care — are the public against public
committee hearing and 10-foot inflatable rat was underfunded by a com- workers when he said
likely vote, that would perched nearby, holding a bined $110 billion. lawmakers deserved
require New Jersey gov- sign that read “Pension The average New Jersey blame for raiding the
ernment employees to Betrayal.” Workers also public worker earning pension system in flush
shoulder a larger share of brought along a coffin $60,000 now contributes years.
their health insurance with a sign “The death of $900 toward health care,
premiums and remove collective bargaining.” or 1.5 percent of their
the issue from collective The workers were salary, regardless of their
bargaining. protesting a deal reached plan. Under a new tiered
Traffic into Trenton was late Wednesday by system, that same worker
backed up for miles Republican Gov. Chris could pay $2,056 (3.4 per-
Thursday morning as Christie and the cent of salary) a year for
members of the state Democrats who lead the single coverage and
teachers union, police Senate and Assembly. $3,230 (5.4 percent of
and firefighters, CWA and The New Jersey bill salary) for a family plan.
AFL-CIO made their way would legislate premium- “What ever happened
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